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Local Home Sales Prices Continue to Surge

2015 Second Quarter Local Real Estate Zip Code Report

By Sherri Pickard, GRI, CDPE, CSSS, SFR, MBA
2015 President, Wilmington Regional Association of Realtors (WRAR)

WILMINGTON, N.C. (July 20, 2015) – When analyzing eleven major zip codes in our region – 28401, 28403, 28405, 28409, 28411, 28412, 28451, 28480, 28428, 28449, and 28443 – an average of the zip codes shows for second quarter of 2015:

  • Our average sales price has increased by 3.7% from first quarter of 2015.
  • Of the 1,630 sellers in second quarter of 2015, 38.2% paid some sort of concession toward the purchase of the house.
  • Our list to sales price ratio for second quarter is 96.71%, a decrease from 96.92% for first quarter of 2015.
  • The average list price of the sold properties is $276,273 and is up 3.9% from first quarter of 2015.
  • The average number of days a property remained on the market for the second quarter was 103 days, compared to 116 days for first quarter of 2015.
  • The median sold price of $218,000 for second quarter of 2015 has increased 6.3% from first quarter of 2015.

The areas of focus in this analysis were:

  • Selling Price – The price the seller accepts for his or her house.
  • Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
  • List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
  • Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
  • List Price – The amount of money a home is listed on the market.
  • Median Price – The middle price of all the properties sold in the given time period.

28401

  • The average selling price of $140,019 has increased 20.6% from first quarter of 2015 average selling price of $116,121.
  • 29% of sellers paid a concession in second quarter of 2015, compared to 16% for first quarter of 2015.
  • The average list price of $149,937 has increased 21.3% from first quarter of 2015 average list price of $123,601.
  • The average number of days a property remained on the market for second quarter was 141 days, compared to 145 days for first quarter of 2015.
  • The median sold price of $106,000 for second quarter has increased 34.2% from first quarter of 2015. The best of all zip codes.
  • Sold homes in second quarter of 2015 received 93.39% of the asking price, a decrease from 93.95% for first quarter of 2015.

28403

  • The average selling price of $249,187 has increased 18.6% from first quarter of 2015 average selling price of $210,133.
  • 34% of sellers paid a concession in second quarter of 2015, compared to 23% for first quarter of 2015.
  • The average list price of $260,411 has increased 18.5% from first quarter of 2015 average list price of $219,831.
  • The average number of days a property remained on the market for second quarter was 116 days, compared to 122 days for first quarter 2015.
  • The median sold price of $180,000 for second quarter has increased 9.8% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 95.69% of the asking price, an increase from 95.59% for first quarter 2015.

28405

  • The average selling price of $290,861 has increased .6% from first quarter of 2015 average selling price of $289,043.
  • 32% of sellers in second quarter paid a concession, compared to 37% for first quarter of 2015.
  • The average list price of $302,056 for second quarter of 2015 has decreased .4% from first quarter of 2015 average list price of $303,164.
  • The average number of days a property remained on the market for second quarter of 2015 was 84 days, compared to 119 days for first quarter of 2015.
  • The median sold price of $187,125 for second quarter of 2015 has increased 9.9% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 96.29% of the asking price, an increase from 95.34% for first quarter of 2015.

28409

  • The average selling price of $305,731 has increased 5.9% from first quarter of 2015 average selling price of $288,816.
  • 42% of sellers in second quarter of 2015 paid a concession, compared to 49% for first quarter of 2015.
  • The average list price of $313,347 for second quarter of 2015 has increased 6.1% over first quarter of 2015 average list price of $295,314.
  • The average number of days a property remained on the market for second quarter of 2015 was 89 days, compared to 96 days for first quarter of 2015.
  • The median sold price of $267,250 for second quarter of 2015 has increased 6.9% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 97.57% of the asking price, a decrease from 97.80% from first quarter of 2015.

28411

  • The average selling price of $322,705 has increased 4.0% from first quarter of 2015 average selling price of $310,233.
  • 48% of sellers in second quarter of 2015 paid a concession, compared to 46% in first quarter of 2015.
  • The average list price of $333,402 for second quarter of 2015 has increased 3.8% over first quarter of 2015 average list price of $321,265.
  • The average number of days a property remained on the market for second quarter of 2015 was 82 days, compared to 99 days for first quarter of 2015.
  • The median sold price of $243,818 for second quarter of 2015 has increased by 6.0% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 96.79% of the asking price, an increase from 96.57% for first quarter of 2015.

28412

  • The average selling price of $188,530 has decreased 5.5% over first quarter of 2015 average selling price of $199,401.
  • 43% of sellers in second quarter of 2015 paid a concession, compared to 40% for first quarter of 2015.
  • The average list price of $192,135 for second quarter of 2015 has decreased 6.4% over first quarter of 2015 average list price of $205,283.
  • The average number of days a property remained on the market for second quarter of 2015 was 69 days, compared to 90 days for first quarter of 2015. The best of all zip codes.
  • The median sold price of $175,000 for second quarter of 2015 has increased 4.3% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 98.12% of the asking price, an increase from 97.13% for first quarter of 2015.

28451

  • The average selling price of $216,063 has decreased 1.4% from first quarter of 2015 average selling price of $219,108.
  • 32% of sellers in second quarter of 2015 paid a concession, compared to 37% for first quarter of 2015.
  • The average list price of $219,776 for second quarter of 2015 has decreased .90% over first quarter of 2015 average list price of $221,666.
  • The average number of days a property remained on the market for second quarter of 2015 was 119 days, compared to 126 days for first quarter of 2015.
  • The median sold price of $192,000 for second quarter of 2015 has decreased 2.0% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 98.31% of the asking price, a decrease from 98.85% for first quarter of 2015.

28480

  • The average selling price of $765,439 has decreased 6.8% from first quarter of 2015 average selling price of $820,968.
  • 9% of sellers in second quarter of 2015 paid a concession, compared to 5% in first quarter of 2015. The best of all zip codes.
  • The average list price of $848,005 for second quarter of 2015 has decreased .40% over first quarter of 2015 average list price of $851,284.
  • The average number of days a property remained on the market for second quarter of 2015 was 174 days, compared to 193 days for first quarter of 2015.
  • The median sold price of $669,975 for second quarter of 2015 has increased 10% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 90.26% of the asking price, a decrease from 96.4% for first quarter of 2015.

28428

  • The average selling price of $260,121 has increased .30% from second quarter of 2015 average selling price of $259,326.
  • 30% of sellers in second quarter of 2015 paid a concession, compared to 25% for first quarter of 2015.
  • The average list price of $270,584 for second quarter of 2015 has decreased .80% over first quarter of 2015 average list price of $272,857.
  • The average number of days a property remained on the market for second quarter of 2015 was 139 days, compared to 173 days for first quarter of 2015.
  • The median sold price of $244,500 for second quarter of 2015 has increased 7.5% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 96.13% of the asking price, an increase from 95.04% for first quarter of 2015.

28449

  • The average selling price of $412,957 has increased 26.1% over second quarter of 2015 average selling price of $327,563. The best of all zip codes.
  • 13% of sellers in second quarter of 2015 paid a concession, compared to 20% for first quarter of 2015.
  • The average list price of $436,036 for second quarter of 2015 has increased 26.2% over first quarter of 2015 average list price of $345,620. The best of all zip codes.
  • The average number of days a property remained on the market for second quarter of 2015 was 164 days, compared to 142 days for first quarter of 2015.
  • The median sold price of $346,250 for second quarter of 2015 has increased 28.2% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 94.71% of the asking price, a decrease from 94.78% for first quarter of 2015.

28443

  • The average selling price of $262,972 has increased 9.5% over second quarter of 2015 average selling price of $240,059.
  • 49% of sellers in second quarter of 2015 paid a concession, compared to 45% for first quarter of 2015.
  • The average list price of $267,467 for second quarter of 2015 has increased 10.7% over first quarter of 2015 average list price of $241,645.
  • The average number of days a property remained on the market for second quarter of 2015 was 134 days, compared to 115 days for first quarter of 2015.
  • The median sold price of $251,900 for second quarter of 2015 has increased 6.1% from first quarter of 2015.
  • Sold homes in second quarter of 2015 received 98.32% of the asking price, a decrease from 99.34% for first quarter of 2015. The best of all zip codes.

Eight out of eleven zip codes reported an increase in the average sales price and had a List to Sales price ratio above 95%. Clients are receiving closer to their asking price, which indicates that the real estate market is progressively improving. Contact a Realtor today to learn more about the opportunities in your specific market area!

An Analysis of information from the Wilmington Regional Association of Realtors Incorporated, for the period Jan. 1, 2005 through June 30, 2015 – data pulled on July 12, 2015.